This study examined the availability of federally subsidized Stafford student loans for postsecondary education in light of recent legislated changes, specifically the Higher Education Amendments of 1992 and the Student Loan Reform Act of 1993, which authorized the Federal Direct Student Loan Program, brought changes to the Federal Family Education Loan Program, and decreased interest rates lenders may charge for Stafford loans and the rate at which lenders receive reimbursement if borrowers fail to repay the loans. A survey of 43 guaranty agencies was conducted, guaranty agency documents were reviewed, and officials of government agencies and interest groups were interviewed. The study found that many lenders and guaranty agencies expect some eligible students to have difficulty obtaining subsidized Stafford loans over the next few years, as some lenders become selective in making Stafford loans or stop participating in the program. Lender refusals to make loans were not expected to be widespread. If a guaranty agency is unable to provide loans to a student, the U.S. Department of Education has arrangements with the Student Loan Marketing Association to make loans and has arrangements with an agency to serve as a guarantor of last resort. The questionnaire and summary results are appended. (JDD)